IDEAS home Printed from https://ideas.repec.org/a/bla/revinw/v22y1976i4p305-329.html
   My bibliography  Save this article

The Measurement Of Real Income

Author

Listed:
  • D. Usher

Abstract

This paper is about the theory of the measurement of real income. By “theory of measurement” I mean the characterization of statistical terms as variables in a model, just as real consumption is characterized as an indicator of utility and the consumer price index is characterized as the cost of attaining a given level of utility in the economic theory of index numbers developed by Konus, Frisch and others half a century ago. I identify five logically distinct and internally‐consistent concepts of real income: maximum sustainable consumption, consumption plus the output of new capital goods, consumption plus the increase in the capital stock where capital can be measured in two quite separate ways, and the sum of actual consumption and consumption forgone in the investment process. The last of these concepts is the most appropriate as a guide to producing long time series of real income for measuring a country's rate of economic growth.

Suggested Citation

  • D. Usher, 1976. "The Measurement Of Real Income," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 22(4), pages 305-329, December.
    • Handle: RePEc:bla:revinw:v:22:y:1976:i:4:p:305-329
    DOI: 10.1111/j.1475-4991.1976.tb00839.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1475-4991.1976.tb00839.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1475-4991.1976.tb00839.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Paul Schreyer, 2021. "Framing Measurement Beyond GDP," CEPA Working Papers Series WP172021, School of Economics, University of Queensland, Australia.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:revinw:v:22:y:1976:i:4:p:305-329. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/iariwea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.